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| Share Name | Share Symbol | Market | Stock Type |
|---|---|---|---|
| Edinburgh Investment Trust Plc | EDIN | London | Ordinary Share |
| Price Change | Price Change % | Share Price | Last Trade
|
|
|---|---|---|---|---|
| 7.00 | 0.98% | 722.00 | 16:21:01 |
| Open Price | Low Price | High Price | Close Price | Previous Close |
|---|---|---|---|---|
| 717.00 | 717.00 | 722.00 | 722.00 | 715.00 |
| Industry Sector |
|---|
| EQUITY INVESTMENT INSTRUMENTS |
| Top Posts |
|---|
Posted at 29/11/2022 17:46 by boystown Featured on Master Investor this evening:-- A lot has happened to the £1.2bn Edinburgh Investment Trust (LON: EDIN) in the last few years. In March 2020 the board replaced Invesco’s longstanding manager Mark Barnett after three years of underperformance and put in place a team from Majedie, a firm which was subsequently taken over by Liontrust. Barnett’s value-based approach had been out of favour for a considerable time, but there were also question marks over some of his stock selection decisions. Once he had been sacked the board took the opportunity to reduce the annual management fee and switch to a tiered charging structure. It looks like the changes are starting to pay off as James de Uphaugh and Chris Field, who have been running the fund since the removal of Barnett, have done a good job improving the performance. Since March 2020 the trust has generated NAV and shareholder total returns of 56.9% and 66%, significantly ahead of the FTSE All Share total return of 43.3%. A key recent development has been the re-financing of the expensive 7.75% long-term debt, with the fund issuing £120m of loan notes at an average interest cost of 2.44% and average maturity of 25 years. This cheap source of capital should give it a competitive advantage in the years to come. A new approach EDIN offers a diversified portfolio of 40 to 50 listed equities based on fundamental company research. There are no in-built style biases with the fund typically containing a mixture of growth, value and recovery stocks, the aim being to add value regardless of the economic and market conditions. The stock-driven analysis focuses on the identification of companies with strong and sustainable business models, multiple drivers of returns and quality management teams. It’s a high conviction approach with capital protection a key element, with the manager considering the downside risk for each holding and scaling the position accordingly. At the end of September the largest holdings included the likes of: Shell, Unilever, BAE, AstraZeneca, Tesco and NatWest. The key sector weightings were retailers, biotech and medical, banks, oil and gas. Overall the historic dividend yield was an attractive 4.2% and the ongoing charges a competitive 0.52%. Solid footing Having taken over at the height of the pandemic the first step was to re-balance the portfolio and rebase the dividend to a more sustainable level. The long-term objective is to grow the distributions ahead of inflation with the first interim dividend having recently been increased by 6.7%. A decision is yet to be taken about the total pay-out for the financial year. James de Uphaugh has put together a well-diversified portfolio with multiple drivers of returns that should be able to withstand the uncertain economic environment. He believes that the inflationary pressures are easing and draws attention to the low valuations that look cheap on pretty much whatever metric you want to use. The broker Investec believes that the Edinburgh Investment Trust has made solid progress in rebuilding credibility after what was a traumatic period, while stronger foundations bode well for the future. They have a buy rating on the fund and say that if the healthy absolute and relative performance can be maintained then the discount should narrow from the current level of seven percent. |
Posted at 22/5/2022 18:06 by melloteam Mello2022, the popular three-day Investor event takes place on 24TH-26TH MAY at the Clayton Hotel & Conference Centre, Chiswick, W4. The breakdown of the three days is as follows:Tuesday 24th May, 9am - 6pm - Mello Investment Trusts and Funds (WE ARE GIVING AWAY 20 FREE TICKETS TO THE TRUST AND FUNDS EVENT - THE FREE CODE IS FIRST20TF) Wednesday 25th & Thursday 26th May, 9am - 6pm - Smaller Growth and Mid-Cap Companies (Tickets for 1 day are £115 and tickets for 2 days are £189. To get 50% off, use code MMTADVFN50). There will be a variety of Trusts and Funds attending. There will also be educational sessions and keynote speakers such as Lord John Lee, Andy Brough, Rosemary Banyard, Clarke Carlisle and Gervais Williams. For more information, please visit the event webpage: |
Posted at 06/8/2021 13:15 by harewood1 Yes, it is curious because there are some really good calls in the underlying shares. It could just be the overhang from the value style of the previous manager which has actually started to come good anyway. Foreign investors must be looking at the UK and seeing some very cheap shares. |
Posted at 02/6/2021 17:33 by boystown Master Investor - Nick Sudbury says:Edinburgh Investment Trust’s first full year’s results under new manager James De Uphaugh show clear outperformance and a narrowing of the discount. Edinburgh Investment Trust (LON:EDIN) had struggled for years under Invesco’s Mark Barnett, so it was no great surprise when the board appointed Majedie’s James De Uphaugh to take over last March. It was fortunate timing with the transition period coinciding with the onset of the pandemic. In its final results for the year to 31 March, the UK equity income fund made a NAV total return of 34.8%, which was well ahead of the 26.7% recorded by the FTSE All-Share as markets recovered from their March 2020 lows. The share price return was even stronger at 46.4% due to the narrowing of the discount. Turnover was much higher than normal at 39% as the manager re-positioned the portfolio and reacted to the rapidly changing events during the year. Significant additions included Standard Chartered and Acsential, while legacy holdings in Glaxo, Legal & General and Barrick Gold were sold or reduced to increase the pro-cyclical tilt following the development of the first vaccine last November. Plenty of upside potential De Uphaugh believes that the UK is rich in stocks that are exceptionally well-placed both operationally and in valuation terms. In order to take advantage he uses a flexible total return approach with the concentrated 50-stock portfolio consisting of a mix of growth, value and recovery names. Despite the recent strong performance, many British companies continue to trade at a discount to their international peers. It is possible that the successful vaccine rollout and the fact that Brexit is now behind us could enable the valuation gap to close, but the focus continues to be on fundamental research with the aim of identifying the stocks with the greatest upside potential. Many of the largest positions are regarded as leaders in their fields and are likely to emerge from the crisis stronger. In order to protect capital, the manager considers the potential downside risk for each holding and scales the level of investment accordingly. New starting point for the dividend Lots of UK companies reduced their dividends during the pandemic and because of this the board decided to rebase the fund’s underlying distribution to 24 pence per share, a level from which it should be able to achieve sustainable growth ahead of inflation. This gives the shares a prospective yield of 3.75%, which is marginally below the four percent average from the UK equity income sector. A special dividend of 4.65 pence has also been declared in respect of the year ended 31 March. It will be paid from the revenue reserves with the ex-div date being 24 June and will maintain the annual income in line with the previous year’s so as to protect investors. A 12-month period is too short to properly assess the performance of the new manager, but it is reassuring to see that the fund has continued to outpace the index since the end of its financial year. The broker Investec has recently issued a buy recommendation with the shares available on a 4.5% discount to NAV. |
Posted at 08/4/2021 19:20 by steve3sandal That it has underperformed for years created the discount opportunity for a new manager and investors. It’s a different and better animal IMO and I’m glad I bought in anticipation. |
Posted at 04/11/2020 11:48 by gregmorg Mm, I have quite a number of these but I do not like the supposed "new" dividend strategy. Yes these are difficult times. However, as always, with new strategies investors need to look beyond to more normal times.The "cleverness" of the new four times 6p followed by a Special tells investors that this Trust is freeing itself up/preparing for a further cut down the road. So the annual base case is the 24p from which percentage increases may, or may not com., That is the base from which the Trust will use and comment upon. That means the Special is conveniently taken out of the headline calculation and manipulated or forgotten "as it's a Special" and judged on as is convenient.It tells me something about the management thinking and its view of investors. Trouble is its not that flavorsome! |
Posted at 03/8/2020 22:54 by kiwi2007 Contains AGM video (23rd July) - worth a watch if you're an investor. |
Posted at 07/10/2019 11:53 by bizzybrizzy I am never keen to see an investment trust not producing a cash flow statement. Although there is exemption for businesses that hold highly liquid investments, it is part of being transparent with investors to produce one. |
Posted at 24/9/2019 22:32 by steve3sandal Another day, another disaster. I see MB was a quite large holder of Thomas Cook even as late as the 30 Jun portfolio disclosure here. Obviously the 18m shares had a negligible value at that point and I wonder how much money he pi55ed away on that one?I emailed Investor Relations a week ago to find out what was presented, said, slides, Q&A, feedback from the Investor Day 16th. No reply. You can still click their website to book for it. Given its 24 Sept I thought Aug Fact Sheet would be interesting. Not done one yet. At every turn this management of Edin looks poor to me. Bought back 5% of the stock but hasn’t moved the discount. I’d quite like to see an activist shareholder here, I don't have enough money to do that. The other stocks on the portfolio list must be wondering when they will hit the rocks. Sadly I have one or 2 of them. Not usually so grumpy just hoping the Board are looking in for ideas. |
Posted at 31/8/2019 21:24 by contrarian joe Definitely the way forward for experienced investors,doing your own portfolio for income,starting of with the highest yielders from the ftse100 & working down,picking established companies with dividend track record,(eliminating utilities at the moment on a potential labour government),diversif |
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